Question 1

A mortgage covering the loan arranged by Kryhalla Spa Inc.has been forwarded to the land titles system.Once the document has been registered,what is the most likely result?

Accepted Answer

A)   Registration gives the owner an occupier's right to the land.
B)   Registration transfers ownership to the lender for the duration of the loan.
C)   Registration creates a right to have ownership restored.
D)   Registration creates a charge on land until repayment is complete. D

Question 2

Belle Blue works in the land office in Winnipeg as a document examiner.She doesn't look forward to the typically overwhelming workload during the summer months.What is the significance of Belle's role with respect to the type of registry system she is employed in?

Accepted Answer

A)   the land titles system, which is responsible for the validity of information it gives
B)   the registry system, because the deed itself is authoritative proof of title
C)   the land titles system, which identifies the legal description on each title deed
D)   the registry system, which identifies the legal description on the deed of title A

Question 3

It is typical that a commercial lease will address such important matters as the responsibility for repairs and maintenance to the leased space and any common areas,as well as permitted alterations a tenant may make to the space and what happens with the alterations once the lease expires.

Accepted Answer

A) True 
 B)False  True

Question 4

Real property is largely governed by common law,which,by tradition,devotes its focus on protecting rights to property and,in particular,determining the rights of ownership to a piece of land.

Accepted Answer

A) True 
 B)False

Question 5

Tangible personal property that is attached to land,buildings,or other fixtures is commonly known as real estate.

Accepted Answer

A) True 
 B)False

Question 6

Drew met with Sherry to have a second look at an apartment block his corporation may be interested in purchasing.When Drew returns to the office,if he calls Kent at Stewin Appraisals Ltd.,which of the following will most likely be the result?

Accepted Answer

A)   report on structural integrity of the building
B)   formal valuation based on structure and market
C)   determine physical boundaries and building location
D)   check for environmental hazards

Question 7

With respect to land conservation and environmental protection,why has statute law become an increasingly significant factor?

Accepted Answer

A)   restrictive covenants
B)   subprime lending
C)   protection of property rights
D)   public policy

Question 8

Briefly discuss the relevance of the sequence of registration in a land registry system and a land titles system.Also identify how the sequence of registration has recently become particularly problematic and the parties affected by those problems.

Accepted Answer

The answer of Briefly discuss the relevance of the sequence...

Question 9

With respect to the legal concept of real property,which of the following distinguishes land from real estate?

Accepted Answer

A)   adaptable purposes
B)   structures and fixtures
C)   total infinite quality
D)   value of land versus value of commodity

Question 10

In which of the following circumstances will an original mortgagor,who has allowed its mortgage to be assumed by another,be held free of liability for repayment should the new buyer default under the assumed mortgage?

Accepted Answer

A)   there is a deficiency in assigned insurance proceeds
B)   the original mortgagor agrees to pay a penalty for lost interest
C)   failure to notify original mortgagee of renewal of mortgage
D)   the lending bank assigned the mortgage to another financial entity

Question 11

If a bank has foreclosed on a property located in Alberta,Saskatchewan,or British Columbia and has been left with a deficiency after its sale,the vendor cannot sue personally sue individual borrowers and can sue only corporations that have waived their statutory protection.

Accepted Answer

A) True 
 B)False

Question 12

Merrilee and Keith own several of acres of vacant land adjoining the property where their greenhouse operations and large garden centre facility are located.The greenhouse side of the business is ready to expand.A senior lending officer of ImaBigBank is meeting with Merrilee and Keith to discuss the expansion plans and the financial needs and circumstances of their business.Should ImaBigBank approve the financing,how will the parties most likely be described on the mortgage?

Accepted Answer

A)   Keith and Merrilee's business is the mortgagee and ImaBigBank is the mortgagor.
B)   ImaBigBank is the mortgagee and Keith and Merrilee are the mortgagors.
C)   Keith and Merrilee are the mortgagees and ImaBigBank is the mortgagor.
D)   ImaBigBank is the mortgagee and Keith and Merrilee's business is the mortgagor.

Question 13

The document that transfers possession of land from the landlord to the tenant in exchange for the payment of rent is legally described as a tenant lease.

Accepted Answer

A) True 
 B)False

Question 14

Contrast the administrators of a land registry system and the administrators of a land titles system.

Accepted Answer

The answer of Contrast the administrators of a land registry...

Question 15

The rights of the mortgage lender are limited to a combination of the following three remedies: suing the borrower,taking possession of the land,and foreclosure.

Accepted Answer

A) True 
 B)False

Question 16

Identify the most common example of ownership of real property that is divided by time.Briefly discuss how this mechanism operates,including the legal identities of the parties involved.

Accepted Answer

The answer of Identify the most common example of ownership...

Question 17

Briefly discuss joint tenancy.

Accepted Answer

The answer of Briefly discuss joint tenancy....

Question 18

With respect to real property,what is the commonality shared by "the right to negotiate their own terms" and "enforcement mechanisms"?

Accepted Answer

A)   differences between a tenant's rights under commercial and residential tenancy lease
B)   the tenant's right to control land during the term of the tenancy
C)   the right to exclusive possession of the leased premises
D)   contracts that transfer possession of land from landlord to tenant in exchange for rent

Question 19

Sylvano requested a copy of Certificate of Title No.12312 from the land titles office.He intends to purchase the land for development if it is unencumbered by registrations affecting its use.This particular land titles office maintains an insurance fund to compensate for loss due to their error.What significance does that fact have with respect to the copy of title Sylvano will receive in exchange for payment of the prescribed fee?

Accepted Answer

A)   Title defects can be fixed to give first priority.
B)   It is justification of the valuation of the land.
C)   It provides verified ownership by searching chain of title.
D)   It is authoritative proof of the status of title.

Question 20

A bank took immediate possession of real property for non-payment of a mortgage installment on its due date.It is taking steps to have the property sold.The bank is aware that,due to poor market conditions,the amount of the mortgage is higher than the value of the property.Given these circumstances,which of the following provides a valid description of the most likely legal matters that will come before the courts?

Accepted Answer

A)   distress and equity redemption
B)   default and deficiency
C)   foreclosure and deficiency
D)   foreclosure and court-supervised sale

Exam 19: Real Property

A mortgage covering the loan arranged by Kryhalla Spa Inc.has been forwarded to the land titles system.Once the document has been registered,what is the most likely result?

Belle Blue works in the land office in Winnipeg as a document examiner.She doesn't look forward to the typically overwhelming workload during the summer months.What is the significance of Belle's role with respect to the type of registry system she is employed in?

It is typical that a commercial lease will address such important matters as the responsibility for repairs and maintenance to the leased space and any common areas,as well as permitted alterations a tenant may make to the space and what happens with the alterations once the lease expires.

Real property is largely governed by common law,which,by tradition,devotes its focus on protecting rights to property and,in particular,determining the rights of ownership to a piece of land.

Tangible personal property that is attached to land,buildings,or other fixtures is commonly known as real estate.

Drew met with Sherry to have a second look at an apartment block his corporation may be interested in purchasing.When Drew returns to the office,if he calls Kent at Stewin Appraisals Ltd.,which of the following will most likely be the result?

With respect to land conservation and environmental protection,why has statute law become an increasingly significant factor?

Briefly discuss the relevance of the sequence of registration in a land registry system and a land titles system.Also identify how the sequence of registration has recently become particularly problematic and the parties affected by those problems.

With respect to the legal concept of real property,which of the following distinguishes land from real estate?

In which of the following circumstances will an original mortgagor,who has allowed its mortgage to be assumed by another,be held free of liability for repayment should the new buyer default under the assumed mortgage?

If a bank has foreclosed on a property located in Alberta,Saskatchewan,or British Columbia and has been left with a deficiency after its sale,the vendor cannot sue personally sue individual borrowers and can sue only corporations that have waived their statutory protection.

The document that transfers possession of land from the landlord to the tenant in exchange for the payment of rent is legally described as a tenant lease.

Contrast the administrators of a land registry system and the administrators of a land titles system.

The rights of the mortgage lender are limited to a combination of the following three remedies: suing the borrower,taking possession of the land,and foreclosure.

Identify the most common example of ownership of real property that is divided by time.Briefly discuss how this mechanism operates,including the legal identities of the parties involved.

Briefly discuss joint tenancy.

With respect to real property,what is the commonality shared by "the right to negotiate their own terms" and "enforcement mechanisms"?